Avistele at Andalusia, a 312-dwelling residential property built in 1968, was renamed Park 225 in November 2013 upon acquisition of the asset by a joint venture of Atlanta-based Kaufman Realty Group and Memphis-based Lexington Asset Management.
Located in Sandy Springs, Georgia, the asset consisted of one, two, and three-bedroom homes across 23 three and four-story garden-style buildings.
This infill location is just north of Buckhead with excellent access to the metro area. Located less than two miles south of Interstate 285 along Roswell Road (one of intown Atlanta’s primary north‐south thoroughfares) the property has connectivity to three main economic hubs of Atlanta (Buckhead, Perimeter and Cumberland/Galleria), limited access Georgia Highway 400, and three public transit rail stations. The site has immediate proximity to the medical epicenter of Atlanta with combined employment of over 25,000 physicians and healthcare workers. Embedded within high‐end demographics, the average annual household income is more than $120,000 within a 3‐mile radius of the subject property.
In partnership with Kaufman Realty Group, One Stone Realty led acquisition due diligence, debt finance, business plan development, and onboarding of The Worthing Companies, the third-party property manager.
With 40% of the dwellings being updated in 2006, the asset was acquired with the original intent of upgrading the balance of the dwellings. Nonetheless, the demand for new housing in this increasing affluent, inner suburb, rendered the property more valuable as a land-play. As such, the asset was sold in July 2015 in a subdivided conveyance to Worthing Development for the development of 343 apartments known as Chastain Heights and to theProvidenceGroup for the development of 162 townhomes known as The Towns at Chastain.